stock / 32.720/ 754/ -2.7

14:10 05Aug09 RTRS-Taiwan stocks hit three-wk low, Chinatrust weighs * Chinatrust weighs after revising downwards H1 profit * Mediatek rises on upbeat Q3 outlook * Hon Hai up on report it has built PC plant in China (Updates quotes, indexes; adds details) TAIPEI, Aug 5 (Reuters) - Taiwan stocks fell 1.55 percent on Wednesday to a three-week closing low, with Chinatrust <2891.tw> leading banking stocks lower after it revised downward its first-half earnings. The main TAIEX share index <.TWII> finished down 107.63 points at 6,848.24, reaching its lowest level since July 17 and extending its loss from Tuesday and Wednesday to 3 percent. Chinatrust Financial, Taiwan's top credit card issuer, fell 5.53 percent to its lowest close since June 23, pushing the banking and insurance sub-index <.TFNI> 3.27 percent lower. Chinatrust Financial, Taiwan's top credit card issuer, revised its first-half profit down 93 percent due to additional provisions to compensate clients who bought structured notes tied to failed Lehman Brothers. [ID:nTP345019] Turnover was light at T$145 billion ($4.4 billion), less than Tuesday's T$160 billion, as investors stayed cautious ahead of major economic data in Taiwan. "The market has been rallying since the begining of June, and I think a correction is both healthy and necessary," said Kevin Chung, an analyst at Jih Sun Investment Consulting Co. The TAIEX had gained more than 11 percent since June 18, when it hit an intraday low at 6,100. Chung said the main index would trade in a tight range between 6,800 and 7,100 on thin volume for the rest of the week. "Investors seem to have run out of reasons to buy or sell, as most major companies have reported their quarterly earnings already," added Chung. Mediatek <2454.tw>, Taiwan's biggest chip designer, rose 4.64 percent after the company raised its cellphone chip shipment target, in another sign of a rebound in the technology sector. [ID:nTP271222] The broader electronic sub-index <.TELI> fell 1.3 percent. Electronics giant Hon Hai <2317.tw> gave up earlier gains to end down 1.35 percent. The company has built a laptop PC manufacturing plant in the Chinese city of Chongqing with an annual production at about 20 million units, to supply Hewlett Packard , a local newspaper said on Wednesday. ------------------------TAIEX IN PERSPECTIVE-------------------- Move on day -1.55 pct Close on day 6,848.24 2009 intraday high 7,142.63 2009 intraday low 4,164.19 All-time high 12,682.41 12 FEB 1990 -------------------------------------------------------------- ($1=T$32.7) For a table of foreign trading in Taiwan stocks, double-click on [ID:nTP170358] ((Reporting by Joan Hsu; Editing by Chris Lewis)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) ASIA-PACIFIC STOCK MARKETS: Pan-Asia......[STXNEWS/AS] Japan........[.T] S.Korea....[.KS] S.E. Asia............[.SO] Hong Kong...[.HK] Taiwan.....[.TW] Australia/NZ.........[.AX] India.......[.BO] China......[.SS] OTHER MARKETS: Wall Street...........[.N] Gold.........[GOL/] Currency..[FRX/] Eurostocks...........[.EU] Oil...........[O/R] JP bonds...[JP/] ADR Report..........[ADR/] LME metals..[MET/L] US bonds...[US/] Stocks News US...[STXNEWS/US] Stocks News Europe...[STXNEWS/EU] DIARIES & DATA: IPO diary & data Asia earnings diary [ASIA/EQTY] U.S. earnings diary [RESF/US] European diary [WEU/EQTY] Taiwan diary [TW/DIARY] Wall Street Week Ahead [.N/O] Eurostocks Week Ahead [.EU/O] World forecasts TOP NEWS: For top Asian company news, double click on: [nTOPEQA] U.S. company news [TOP/EQU] European company news [TOP/EQE] Forex news [TOP/FRX] Global Economy news [TOP/MACRO] Technology news
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